Nexage raises $10 Million from SingTel Innov8
Date: Sunday , July 01, 2012
Nexage, a mobile ad exchange raises $10 million in series B funding led by Sing Tel Innov8, a subsidiary of the Sing Tel Group. The present investors Relay Ventures and GrandBanks Capital were also a part of financing in this round. The company plans to utilize the funds to expand their business opportunities, products and technology, global reach, and ecosystem of buyers and sellers to accelerate liquidity in the mobile advertising industry. At the same time, there are likely to be some partnership opportunities from the deal which has been finalized.
Founded in 2005 by Devkumar R. Gandhi, Nexage is a mobile advertising exchange, providing a highly efficient market for buyers and developers. It accelerates the revenue on a worldwide basis and delivers both public and private exchange. It connects over 300 publishers and developers with over 150 demand sources. Nexage provides a platform for publishers, developers and network agencies to display their message to the customers and the barrier of a mobile being a personal medium does not exist anymore, due to the advancement in mobile advertisements and publishing.
According to Gartner, worldwide mobile advertising revenue will reach $20 billion by 2015. The industry’s rapid scaling and maturity is being driven by the emergence of RTB, which has become the strategic technology foundation of the mobile advertising industry.
"The mobile revolution has reshaped how consumers work, learn, play, and live – fueling the remarkable growth of mobile advertising. RTB is critical to the market's ability to meet this extraordinary opportunity, providing the requisite efficiency and liquidity and the unique real-time discovery and targeting capabilities that are essential to advertisers. With this financing in place, we will extend our RTB leadership and help drive the growth and maturity of the mobile advertising market," says Gandhi.